This study examines the impact of global financial crisis (GFC) on Initial Public Offering (IPO) underpricing in the context of an emerging market from January 2006 to December 2011. Models consist of hierarchical and multivariate regressions have been evaluated. Our results show, firstly, by...

From an information perspective, sources of risk should be reflected in accounting fundamentals. However, asymmetry in disclosure generated from a decrease in information flow to users of financial statements may lead to a stock price crash when the news is eventually disclosed. The present...